EQS-Adhoc: BayWa AG: Agreement reached on term sheet for adjusted restructuring agreement; restructuring of hybrid bond planned

BayWa AG: Agreement reached on term sheet for adjusted restructuring agreement; restructuring of hybrid bond planned

Munich, 16 September 2026: BayWa AG has now reached an agreement with 267 of 268 financing partners whose approval is required, holding approximately 99.98% of the financial liabilities covered by the restructuring agreement, and its two major shareholders, Bayerische Raiffeisen-Beteiligungs-AG and Raiffeisen Agrar Invest AG, on a term sheet which sets out key details of an adjusted restructuring agreement based on the understanding in principle reached on 30 June 2026 (cf. ad hoc announcement of 30 June 2026). The Board of Management of BayWa AG expects an agreement with the remaining financing partner whose approval is required to be reached shortly.

In addition to an extension of the restructuring period and the restructuring contributions from the key financing partners and the two major shareholders (cf. ad hoc announcement of 30 June 2026), the term sheet also provides for a restructuring of the subordinated fixed-rate perpetual bond issued by BayWa AG (ISIN DE000A351PD9 / WKN A351PD; “hybrid bond”). A prerequisite for an acceptable overall solution and the implementation of the adjusted restructuring agreement is that creditors subordinated to the financing partners – i.e., in addition to the providers of shareholder loans, also the holders of the hybrid bond – as well as the creditors under certain third-party loans make a substantial restructuring contribution. As part of the restructuring of the hybrid bond, it is planned that the bondholders give up, without compensation, almost the entire principal amount of the bonds and all accrued interest claims.

On the basis of the draft of the updated restructuring concept, the restructuring expert concludes that, by implementing the measures and contributions set out in the term sheet, BayWa AG can restructure its balance sheet and restore its operational competitiveness and profitability.

The Board of Management of BayWa AG is confident that, on the basis of the term sheet now available, it will be possible to reach the conclusion of an adjusted restructuring agreement in the course of this year, which in turn will require the approval of the boards of BayWa AG, the major shareholders and the financing partners.

2400198  16-Sep-2026 CET/CEST